Strides Shasun gains after FDA nod for generic drug

Strides Shasun was up 2.09% to Rs 689.90 at 12:20 IST on BSE after the company's subsidiary received approval from US drug regulator for a generic drug indicated for the treatment of Type 1 HIV.

The announcement was made before market hours today, 14 March 2018.

Meanwhile, the S&P BSE Sensex was down 219.49 points or 0.65% at 33,637.29. The S&P BSE Mid-Cap index fell 0.07%, outperforming the Sensex.

On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 38,864 shares in the past one quarter. The stock had hit a high of Rs 693.05 and a low of Rs 679.50 so far during the day. The stock had hit a 52-week high of Rs 1,172.85 on 21 March 2017 and a 52-week low of Rs 640.65 on 6 February 2018.

The mid-cap company has equity capital of Rs 89.50 crore. Face value per share is Rs 10.

Strides Shasun announced that its wholly owned subsidiary Strides Pharma Global Pte has received approval for Efavirenz Tablets USP, 600 mg from the United States Food & Drug Administration (USFDA). Efavirenz Tablet is generic version of Sustiva Tablets of Bristol-Myers Squibb Company.

Efavirenz Tablet is indicated for the treatment of Human Immunodeficiency Virus Type 1 (HIV-1) infected adults and adolescents.

According to IQVIA data, the US market for Efavirenz Tablets USP, 600 mg is approximately $115 million and Strides is only the second generic company to get the approval for the product under the para IV route. The product will be manufactured at the company's oral dosage facility at Bangalore and will be marketed by Strides Pharma Inc. in the US market. Strides is launching the product immediately.

On a consolidated basis, Strides Shasun's net profit fell 56.6% to Rs 85.22 crore on 2.6% growth in net sales to Rs 749.04 crore in Q3 December 2017 over Q3 December 2016.

Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore. The company has three business verticals, viz. regulated markets, emerging markets and active pharmaceutical ingredients.

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